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Dec 26, 2012
12/12
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wisest words of anyone in the house of representatives handing the gavel to nancy pelosi to be speaker of the house after republicans lost that 2006 election. he said, my party forgot that powers to be used for the good of the people and not for power's sake. that's what they have to remember. now, as far as that fiscal cliff, they can withhold the tax schedule changes. they're able like in defense, when you have a defense cut or a defense cut like that, it takes place over three to four years. it doesn't all happen this figs year. what we want is a bunny slope not a cliff so the damage is not great as long as we are able to take the short-term deal that david spoke about. what everyone is looking for, consumer and business investor is certainty. congress generates the political will with the president to address our problem. both in the grand scheme so we get $4 trillion in debt reduction over a year and second in the short term and don't have a gross domestic product grow at zee ro over the year. >> when you think about this entire issue, there is the gop caucus and the dysfunctional
wisest words of anyone in the house of representatives handing the gavel to nancy pelosi to be speaker of the house after republicans lost that 2006 election. he said, my party forgot that powers to be used for the good of the people and not for power's sake. that's what they have to remember. now, as far as that fiscal cliff, they can withhold the tax schedule changes. they're able like in defense, when you have a defense cut or a defense cut like that, it takes place over three to four years....
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Dec 26, 2012
12/12
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so the politics worked out well for pelosi. it's a total mess, dysfunctional and both parties are not covering themselves in glory. >> got to leave it there. always good to see you. >> thanks. >> to ed henry in honolulu where the president is set to depart tonight. we got breaking news from the speaker and i believe -- they said we have a couple deals on the table. it's your turn, senate. >> yeah, eric, that's where the ball is going now. but what i think the speaker and maybe majority leader eric cantor are leaving out is the reason all eyes turned to the senate is the speaker can't get the job done thursday on plan b. plan a is essentially the big deal, the $4 trillion debt plan. i was speaking a short time ago to a white house official that happened they believe the president moved halfway towards the republicans starting at only want to go raise taxes on $250,000 and above. he moved that goalpost to $400,000 or more. speaker baner was far away saying it should be $1 million . he brought it up and had to pull it back. there
so the politics worked out well for pelosi. it's a total mess, dysfunctional and both parties are not covering themselves in glory. >> got to leave it there. always good to see you. >> thanks. >> to ed henry in honolulu where the president is set to depart tonight. we got breaking news from the speaker and i believe -- they said we have a couple deals on the table. it's your turn, senate. >> yeah, eric, that's where the ball is going now. but what i think the speaker and...
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Dec 26, 2012
12/12
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FBC
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house speaker john boehner, quote, nothing new and from democratic leader of the house nancy pelosi, her spokesperson saying, quote, i don't know anything right now. as of now the cliff remains clearly in sight. if nothing is done on january 1st, the nation faces a $5 trillion tax increase over ten years through the expiration of a george bush tax cuts and assuming congress does not approve its annual patch for the alternative minimum tax and medicare doc fix that prevents deep cuts in medicare the laps of the tax cuts would mean the top tax rate would revert back to 39.6 in the clinton administration from 35% now but taxes will also go up for tax rates would go up for lower-income earners. the maximum lowest rate reverting to 15% from 10% and for investors capital gains rates would revert to 20% from 15% and depending on the analysis the average family would pay 2,000 to $4,000 more in taxes next year. dennis: quick follow-up. in terms of profitmaking in washington is now officially impossible to get a fix in place by december 31st? is it impossible? peter: it is not impossible. you
house speaker john boehner, quote, nothing new and from democratic leader of the house nancy pelosi, her spokesperson saying, quote, i don't know anything right now. as of now the cliff remains clearly in sight. if nothing is done on january 1st, the nation faces a $5 trillion tax increase over ten years through the expiration of a george bush tax cuts and assuming congress does not approve its annual patch for the alternative minimum tax and medicare doc fix that prevents deep cuts in medicare...
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Dec 26, 2012
12/12
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FOXNEWSW
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reid and pelosi and boehner and obama all trying to come to an agreement? that seems almost impossible, doesn't it, when you know all of them? gregg: how do you close the tax gap? >> yeah. right now you can not do it. so the tax gap, at least in my opinion, would be the deficit. it's over a trillion dollars. if we raise everyone today, that pays the top tax rate, 35%, if we taxed them at 100% on all the money that they currently pay 35% on, and remember, i'm assuming that nobody changes their behavior. they still work just as hard even though they pay 100% tax, we would only raise $360 billion in this coming year. and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, every
reid and pelosi and boehner and obama all trying to come to an agreement? that seems almost impossible, doesn't it, when you know all of them? gregg: how do you close the tax gap? >> yeah. right now you can not do it. so the tax gap, at least in my opinion, would be the deficit. it's over a trillion dollars. if we raise everyone today, that pays the top tax rate, 35%, if we taxed them at 100% on all the money that they currently pay 35% on, and remember, i'm assuming that nobody changes...
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Dec 26, 2012
12/12
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CSPAN
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obama had nancy pelosi as speaker of the house. but hardly the same thing. host: from massachusetts on the line, democrat. caller: good morning. i have a comment and question. i am trying to find out, the situation you're in right now, why is everybody fighting about what we should do? i am gmt and i am broke every day. i'm down here with people that paid taxes and work hard every day. -- i am an emt. people don't understand that would ever happens with the fiscal cliff, people down here will survive. the republicans, this will definitely affect them in the future. i talked to people all over boston every day. nobody wants to vote for republicans anymore, because of the fact that they don't seem to care about people that struggle everyday. it's the people that have money but don't care about people who don't have money. it's been like that for hundreds of years. it's time for change. we have a democrat in the chair. the republicans had their chance when they had pushed. there's a lot of things that should be changed in this world. we rant on about the econom
obama had nancy pelosi as speaker of the house. but hardly the same thing. host: from massachusetts on the line, democrat. caller: good morning. i have a comment and question. i am trying to find out, the situation you're in right now, why is everybody fighting about what we should do? i am gmt and i am broke every day. i'm down here with people that paid taxes and work hard every day. -- i am an emt. people don't understand that would ever happens with the fiscal cliff, people down here will...
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Dec 26, 2012
12/12
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number two, plan b was really the idea of chuck schumer and nancy pelosi as recently as in this summer. to set the threshold on incomes to a million dollars versus 250,000, allow those tax rates for a million and above go up, the president talked about taxing millionaires and billionaires, that would be right, and now let the rest of the country enjoy the extension of the full bush tax cuts which i think we now even see democrats acknowledging have meaningful -- gregg: basil, if it doesn't work, the president's going to have egg on his face, right? >> no, not at all. gregg: come on. >> the president has come back with a compromise. the people that have egg on their face are republicans. they've taken intractable positions where as the president has made concessions, boehner cannot show leadership to get anything passed through his congress right now. and, quite frankly, they're being sort of held by the tea party against some extraordinary positions that they have to take at a time when the paradigm has shifted. so i think the country is recognizing that the country -- gregg: looking a
number two, plan b was really the idea of chuck schumer and nancy pelosi as recently as in this summer. to set the threshold on incomes to a million dollars versus 250,000, allow those tax rates for a million and above go up, the president talked about taxing millionaires and billionaires, that would be right, and now let the rest of the country enjoy the extension of the full bush tax cuts which i think we now even see democrats acknowledging have meaningful -- gregg: basil, if it doesn't...